Sir Hugh Bell to the shareholders of the Horden Collieries, Ltd. Coal-mining being a speculative industry, capital invested in it may be expected to yield on the average a higher rate than most other enterprises. Sir Hugh, as reported in the Times of December 4, 1919, said:—
"While I am dealing with the position in which you find yourselves, it may interest you to know that the total amount disbursed in dividends over the whole 19 years that the company has existed is just over one million pounds—to be accurate, £1,010,000. Last year we paid in wages to men directly in our employment £1,019,000. In 19 years we have distributed £1,000,000 in dividends, and in one year we paid £1,000,000 in wages. That figure of £1,000,000 in wages corresponds exactly with the figure I have already cited on former occasions. The total amount of our outgoings last year is just under £2,000,000. The wages we have paid to our own people are, as I told you, just over a million, so that just about 50 per cent. of the total outgoing of your company goes in wages—in the form of wages, because I have to take into account the coals you supply to the men, and I also have to take into account the cottage rents,
